Innovative Technologies for Audit Firms

As the technological revolution continues, audit firms are confronted with the task of utilizing these technologies to the advantage of their clients. A lot of these cutting-edge technologies aren’t just options, but essential for a future in auditing.

The most cutting-edge technology tools that are making a significant impact on auditors are machine learning, data analytics and robotic process automation. These tools enable auditors to gain a thorough understanding of client processes, inventory, and system controls. They can then share this information to management as well as boards.

Blockchain is another emerging tool which could reduce the estimated time needed for the clearing of financial transactions to one or two hours. This will allow for continuous risk assessments to be conducted during the audit period rather than a single year-end assessment.

Argus, an artificial intelligence (AI)-enabled software, is an example of a technology dramatically reducing the amount manual processing and reviewing required during an audit. It makes use of machine-learning and natural language processing to efficiently search electronic document files. This lets auditors concentrate their attention on more valuable activities, such as reviewing risks and confirming results.

There are a few hurdles which can hinder the implementation of new technologies. It is particularly difficult to make https://data-audit.net/2021/07/08/generated-post/ time to play around with new technology for companies that pay determined by the billable hours. Additionally, the cost of the initial investment as well as ongoing support and maintenance for tech can be a significant consideration. These challenges can be overcome with the continued collaboration of audit firms, standard-setters and regulators.